Post Office increases savings rates

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The Post Office has increased selected rates across its variable savings range.

The basics…

The fifth issue of its popular notice account – Reward Saver – now pays 1.60% yearly, which includes a 0.70% bonus for 12 months, on a minimum investment of £500. Savers looking for a monthly interest option will be paid a slightly lower rate of 1.58%, including a 0.69% bonus.

Meanwhile, issue five of the Post Office's variable rate cash ISA – Premier Cash ISA - now pays an improved rate of 1.80% yearly, which includes a 0.90% bonus for 18 months, on a minimum investment of £100.

The finer details…

For the Reward account savers will need to give at least 30 days' notice to access funds, or will lose 30 days' interest. This account can be operated by post, telephone and in branch.

Meanwhile, the easy access Premier Account requires no notice to access funds, but savers will only be allowed two withdrawals per tax year. If more than two are required the account will be closed. This account can be operated by post and telephone.

Why we like it…

These rate increases see both accounts improve their position in the Moneyfacts Best Buys, with the Premier ISA now paying a top three rate.

Four Moneyfacts Stars have been awarded.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.